Word: thrifts
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...savings and loan associations that dot southern Ohio seldom stir up any & excitement in the banking community, much less a panic. Yet for a few tense days last week, a crisis involving Ohio's thrift institutions sent tremors of anxiety through the financial world. Governor Richard Celeste's emergency shutdown of 69 privately insured thrifts, which were threatened by customer runs, was the most widespread closure in the financial industry since President Roosevelt declared a one-week national bank holiday in 1933. Ohio's closed-door policy was originally intended to last for only three days. It dragged on through...
...thrift holiday cut some 500,000 Ohio depositors off from a total of $4 billion in savings. "The longer this goes on, the scareder I am," said Mary Lou Dehler of Cincinnati, who with her husband Richard, a retired postal worker, had accounts in Molitor Loan & Building. "My stomach just rolls over. They have got my whole life in that bank." The financial suffering in Ohio rattled consumers across the U.S. and worried foreign investors as well. In a classic sign of anxiety, moneymen bid up the price of gold by $35.70 last Tuesday, to $339 an ounce...
...were 15 cents, cashmere sweaters 35 cents, and most overcoats $1.95. Don't be put off by the inside of Valu Village-yes, it does look like an airplane hanger, and the bus station crowd will be spending a lot of time creaming at each other. This is what thrift shopping is all about...
While FDIC officials were shuttering the failed Kansas bank, regulators from the Federal Savings and Loan Insurance Corporation, the thrift-industry counterpart to the FDIC, were in California to liquidate the San Marino Savings and Loan Association, whose failure the previous week threatened to cost the FSLIC $193 million, a record loss. So far this year, nine S and Ls have failed, and an additional 17 have been merged with stronger competitors. FDIC Chairman William M. Isaac, who has told the White House that he would like to leave office early next year, warns that if interest rates head back...
...England land farmer; in Montpelier, Vt. A blunt-spoken maverick whose liberal views often nettled his party, Aiken led efforts to bring electricity to rural America, to build the St. Lawrence Seaway and to create the nationwide food-stamp program. His campaigns were noted for their thrift. Expenses often totaled less than $20-for stamps to send "thank you" letters to people who had, unasked, circulated his reelection petitions. Aiken became famous for suggesting in 1966 that the solution to the Viet Nam War was for President Johnson simply to declare the U.S. the winner and then retreat...